A good time to update the Gold chart ahead of FED/ECB combo.
Let's start by reviewing the macro and understanding how we got to where we are now. The entire Macro move from 1205 begun with this breakout which we traded live last year:
This breakout was the earliest warning sign of the change in chapters for the economic cycle, it was early hints for those sharp enough to realise what was cooking. This was the beginning of the end in the large triangle which was also mapped clearly:
A flawless zig-zag breakout forcing bears to capitulate. This triangle ended with the D & E legs, both of which we also traded and added live positions too on both sides:
Followed by the momentum breakout which we also traded in CNY terms as well as USD:
The final fumes we are trading with this impulsive leg we are currently in will last all the way till 1595.xx, this is the completion of the first targets in the sequence via the coordinated CB action.
For those tracking this chart a quick reminder:
A textbook case of impulsive and retrace swings with both sides playable. We have been making a killing in Gold and with a "People vs Establishment" narrative picking up pace across the globe this is the perfect ingredient to add to the mix. Here expecting Buckingham Palace to play a major role in the next risk-off domino.
Best of luck those positioning for the next cycle in Gold which will come via Fed, while risk will control the inside swings. Thanks for keeping the likes and comments coming, I am blown away by the positive feedback.
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What a move...Well done all those on the buy side
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Target within reach here for January, a monster move.